TEL AVIV (Jun. 15)
The Bank of Israel announced a 0.5 percent devaluation of the shekel Thursday, following a 1 percent devaluation just a week ago.
The shekel now stands at 1.9527 to the dollar.
The economic community was relieved, meanwhile, by a somewhat lower-than-expected inflation rate for May. The Central Bureau of Statistics announced Thursday that the consumer price index rose by 0.9 percent last month.
Economists feared it would go over 1 percent, which would have signaled the start of a major recession. The lagging economy is currently being described as in a state of “restrained slowdown.”